Global oil supply reduces by about 1 billion barrels in past two months: Aramco CEO

Global oil supply has decreased by about 1 billion barrels over the past two months as the Strait of Hormuz has been blocked amid the war in Iran, and the global energy market will take some time to ​stabilize even if energy flows return to normal, Aramco President and CEO Amin H. Nasser said on Sunday. Saudi Aramco announced on Sunday that its adjusted net income rose to 33.6 billion U.S. dollars in the first quarter of 2026, compared with 26.6 billion dollars in the same period last year. In a press release, the company said it recorded capital expenditures of 12.1 billion dollars in the first quarter in support of its growth objectives. After the war in Iran broke out in late February this year, the Strait of Hormuz, which handles one-fifth of the world's oil transportation, became "blocked," leading to surging oil prices. In early February this year, the price of crude oil was about 60 U.S. dollars per barrel, and it rose to more than 100 U.S. dollars per barrel in March. Aramco also noted that the East-West Pipeline in Saudi Arabia was ramped up to operate at a maximum capacity of 7 million barrels per day in the first quarter, supporting exports via the country's west coast. Commenting on the results, Nasser said the performance reflected the company's strong resilience and operational flexibility in a complex geopolitical environment. Recent events have demonstrated the vital contribution of oil and gas to energy security and the global economy, underscoring the importance of a reliable energy supply, Nasser added.